Erasca (NASDAQ:ERAS) Shares Gap Up – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.67, but opened at $2.94. Erasca shares last traded at $2.68, with a volume of 112,739 shares.

Analyst Ratings Changes

Several brokerages have recently weighed in on ERAS. Jefferies Financial Group initiated coverage on Erasca in a research report on Monday. They set a “buy” rating and a $6.00 target price on the stock. The Goldman Sachs Group boosted their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and an average target price of $6.08.

Erasca Stock Performance

The company has a market capitalization of $788.81 million, a PE ratio of -3.36 and a beta of 1.16. The company’s 50-day simple moving average is $2.77 and its 200-day simple moving average is $2.63.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Analysts expect that Erasca, Inc. will post -0.82 EPS for the current year.

Institutional Trading of Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Erasca by 14.4% in the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after purchasing an additional 545,765 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Erasca by 286.5% during the first quarter. Acadian Asset Management LLC now owns 346,953 shares of the company’s stock worth $713,000 after acquiring an additional 257,174 shares during the period. Edmonds Duncan Registered Investment Advisors LLC grew its holdings in Erasca by 41.2% during the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the period. Bank of New York Mellon Corp raised its position in Erasca by 50.6% in the second quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock worth $926,000 after acquiring an additional 131,829 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Erasca by 27.2% in the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock valued at $365,000 after acquiring an additional 33,106 shares during the period. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.